If you have recently married, Congratulations! You have brought tremendous changes in your life, and sooner or later you will soon realize that one of the most drastic changes and importantly involve your financial management.

Managing finances at the time of single and married very different, when after marriage many changes in the financial mindset to do.

Such as sharing a bank account, set financial goals, insurance is needed, and much more to talk about. And since money is something quite emotional – and one of the main causes of divorce – the success of your wedding can also be determined by the financial habits that you and your partner decide from the outset.

To build a good start, there are 10 steps to start merging your finances:

1 | Start Saving

You may have to spend the entire savings for a wedding. But, now is the time to re-saving. To collect at least as much as the first 6 months of monthly expenses as an emergency fund. Additionally begin your retirement planning also from the workplace to invest your money in a diversified portfolio in accordance with the family’s financial goals.

2 | Say goodbye to separate accounts

When married, the money is not yours or mine but belong to both. Make a checking account or savings for the financial goals together.

3 | Update beneficiaries

Change all beneficiaries on insurance policies, pension plans, mutual funds, and other securities with the name of your spouse. It is actually not necessary, especially if you and your partner have a child yet. But sometimes, it’s very important, especially if you don’t have anyone else to believe.

4 | Debt

If your partner is not yet know anything about your debt, it is better to communicate. You can decide how you both will pay off the loan

5 | Find out where your money runs out

You and your partner are working together to track down family expenses. It is easier to evaluate and do financial goals when you understand thoroughly wherever your money is spent and your spending patterns.

6 | Agree on family expenses

Like single, you both would have earned and spent money for years without consulting anyone. Unfortunately, those days will end after marriage. Try to discuss with your spouse about your habit to approach and handle money. Does one person and one more frugal spender? Make it a rule to handle the differences, may set a monthly spending limit for each person or promises to save a certain amount each month to reach a common goal.

7 | Prioritize purchases

Part of the marriage means jointly decide how to spend your money. Make a list of purchases that will come – school fees, house, car, furniture or a pet room – and prioritize them than other expenditures.

8 | Consolidate your credit card

Avoid having more credit cards than you need. It also makes it easier to keep track of household expenses.

9 | Buy life insurance

If you need both of your income to pay your monthly expenses – and most couples do – make sure you both have enough life insurance to protect each other. This is necessary if you both already have dependents, such as children or the elderly.

10 | Set the document

Make sure you both know where important documents are stored. This includes birth certificates and marriage licenses, Social Security card, bank and investment account information and tax records. It is easier for both to find the document when needed.